The establishment of a National Economic Council will provide a new approach to coordinating economic policies across Government and support Government Departments which will be affected during this period of economic challenges. For individuals and local authorities who have been involved in the Economic Development Committee it is worth noting this will be replaced by the new Council.
The Council will meet frequently to assess a range of issues. For those involved in the enterprise agenda the most significant area to be evaluated by the Council are the remaining barriers to entrepreneurship, innovation and the opportunities for small business growth.
Other areas the Council will assess are:
- The implications of the challenges in the financial markets for the wider economy globally and nationally
- The latest developments in global commodity markets and their impact on the UK economy
- Its objective to promote sustainable and secure energy supplies
- The impact of the global economic developments on the skills and employment that the UK needs
- Our housing and planning needs and
- The impact across every part of the UK
The Council will receive advice from external experts from across different sectors of the economy, along with strong regional input and links to a new Regional Economic Council.
A Regional Economic Council will ensure that the issues and concerns of each region are heard and acted upon across Government and will bring together Regional Ministers with Regional Development Agency chairs and representatives of business and trade unions. The Regional Economic Council will meet quarterly chaired by the Chancellor and the Secretary of State for Business, Enterprise and Regulatory Reform.
To view a full list of the National Economic Council’s membership or for more information about the Council visit http://www.number10.gov.uk/Page17068